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Tuesday, 20 October 09
INDIA MAY CUT STAKE IN NTPC BY DECEMBER, POWER SECRETARY SAYS
 Bloomberg reported that, India’s government may sell a 5 percent stake in NTPC Ltd., the country’s biggest power producer, as early as December to help fund spending on roads and education and rein in the fiscal deficit.
“We will do it by December or January,” Power Secretary H.S. Brahma said by telephone in New Delhi yesterday, after the Cabinet approved the plan to sell the stake in the state-owned utility. “We will take a decision on the timing of the sale in a few days.” Brahma is the top bureaucrat in the power ministry.
Prime Minister Manmohan Singh is taking advantage of an 80 percent gain in India’s benchmark stock index this year to sell stakes in state-owned companies. The government has raised about 42 billion rupees ($913 million) since April 1 by selling shares in NHPC Ltd. and Oil India Ltd. The NTPC sale may yield 88 billion rupees, according to Bloomberg calculations based on its Oct. 17 closing price that valued the New Delhi-based utility at $38 billion.
“This should help a little in narrowing India’s fiscal deficit,” Viswanathan Vasudevan, a Singapore-based fund manager at Aquarius Investment Advisors Pte., said by telephone today. “The government needs to continue with its theme of disinvestment since the deficit is quite large.”
India plans to borrow a record 4.41 trillion rupees in the year ending March 31, widening the budget deficit to a 16-year high of 6.8 percent of gross domestic product, from 6 percent in the previous year.
NTPC has climbed 18 percent in Mumbai trading this year, lagging behind the Bombay Stock Exchange’s Sensitive Index and a 90 percent surge in rival Tata Power Co. The stock fell 0.6 percent to 213.60 rupees on Oct. 17 when the market traded in a special truncated session on Diwali, the festival of lights that marks the start of the Hindu new year.
Government Equity
The government’s equity in NTPC will fall to 84.5 percent after the sale from 89.5 percent. Part of the shares will be offered to NTPC employees, Commerce and Industry Minister Anand Sharma said yesterday, without elaborating on the timing.
“It is expected that the market capitalization of NTPC would be higher and it would help the company to raise resources in the international market on competitive terms,” the government said in a statement after a meeting of the federal cabinet in New Delhi yesterday.
NTPC plans to spend 177 billion rupees to increase its generation capacity by about 10 percent in the financial year ending March 31. The utility said last month it was evaluating an offer to buy a South African coal mine and is considering a coal- mine purchase in Indonesia to help secure fuel supplies.
The government sold a 5 percent holding in NHPC to the public for 20 billion rupees in August, while state-run refiners bought 10 percent in Oil India from the state for about 22 billion rupees the following month.
India should aim to raise as much as 250 billion rupees a year from asset sales, the finance ministry said in a July 2 report. Proceeds from the sale of the government’s stake in state-owned companies go to a separate fund meant for social- sector spending, including job creation and improving health care and education.
Source:Bloomberg
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Thursday, 13 May 10
CHINA CONCERNS TO TEST RAW MINERALS - THE AUSTRALIAN
The Australian reported that, COMMODITY prices will remain volatile and drop from recent highs as China's appetite for raw materials softens. James ...
Thursday, 13 May 10
ACTIVITY ON WEST COAST INDIA IS SLOWING - FEARNLEYS AS
DRY BULK CHARTERING
Handy
Atlantic markets remain firm but more for end May/beg June dates as there seems to be more enquiries for those dates. ...
Thursday, 13 May 10
DRY BULK SHIP OWNERS CHEERFUL AMID MARKET RALLY
China’s appetite for raw materials like iron ore and coal, as well as a series of added factors are boosting demand for dry bulk carriers, hel ...
Wednesday, 12 May 10
BANPU'S Q1 PROFIT SLIDES 43% TO B2.71BN - BANGKOK POST
The Bangkokpost reported that, Banpu Plc posted a first-quarter net profit of 2.71 billion baht, down by 43% from the same period last year.
The ...
Tuesday, 11 May 10
DALRYMPLE BAY COAL EXPORTS HIGHEST SINCE JULY; NEWCASTLE FALLS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Dalrymple Bay terminal in Queensland state rose to the highest in nine months in Apri ...
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- Malabar Cements Ltd - India
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- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
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- Gujarat Mineral Development Corp Ltd - India
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- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
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- Chettinad Cement Corporation Ltd - India
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- Energy Link Ltd, New Zealand
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- IHS Mccloskey Coal Group - USA
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- European Bulk Services B.V. - Netherlands
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- Thiess Contractors Indonesia
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- The State Trading Corporation of India Ltd
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- Chamber of Mines of South Africa
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- Australian Coal Association
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
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- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
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- Marubeni Corporation - India
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- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
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- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
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- Karbindo Abesyapradhi - Indoneisa
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- Electricity Generating Authority of Thailand
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- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
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- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
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- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
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- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
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- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
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- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
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- Global Business Power Corporation, Philippines
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- Dalmia Cement Bharat India
- McConnell Dowell - Australia
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- Bhatia International Limited - India
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- Bangladesh Power Developement Board
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- Economic Council, Georgia
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- San Jose City I Power Corp, Philippines
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- CIMB Investment Bank - Malaysia
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- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
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- Larsen & Toubro Limited - India
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- Ceylon Electricity Board - Sri Lanka
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